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  • return to main site
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  • Blog Home
  • transferring a home before bankruptcy
    personal bankruptcy,  real estate

    Transferring a Home Before Bankruptcy

    September 26, 2019 / No Comments

    A reader asks: My father fell critically ill earlier this year. As a result, he is unable to pay his credit cards as he is not working. The bills are very large. He has no financial assets other than his a commercial property (owned outright). What options does he have? In relation, can the property be sold to my brother and/or proceeds transferred to him (inheritance), then my father proceed to file bankruptcy without repercussions? Here is a breakdown of his finances: $1.2m – commercial property – owned outright Approx 60-80k in credit card debt only Zero income stream from any source, sadly. My father is not a future planner.…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    How Did Canadians Become Debt Slaves?

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    Can Creditors Take my Car?

    May 9, 2019
  • Bankruptcy Discharge
    case studies,  personal bankruptcy

    Understanding the bankruptcy discharge (Video)

    May 22, 2019 / No Comments

    Summary Vincent has decided to file for bankruptcy. His Licensed Insolvency Trustee outlines what debts will be discharged in a bankruptcy and how long the process takes. Meet Vincent, a father of two young children. A recent separation has left him unable to meet his financial obligations. After having his options explained by a Licensed Insolvency Trustee, a professional whose duties are regulated by the Office of the Superintendent of Bankruptcy Canada, Vincent has decided that bankruptcy is the most appropriate solution to his financial troubles. The trustee explains that after fulfilling his bankruptcy obligations, his debts will be discharged and he will be free to start over financially. The…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    So you bought Toronto real estate at the market peak. NOW what?

    July 17, 2018
    Surplus Income

    Bankruptcy and surplus income (Video)

    May 21, 2019
    Case Study: the Student

    Case Study: the Student

    August 4, 2013
  • What to Expect if You File Bankruptcy
    case studies,  personal bankruptcy

    What to expect if you file for bankruptcy (Video)

    May 20, 2019 / No Comments

    Summary After talking with a Licensed Insolvency Trustee, David and Julie decide that bankruptcy is the most appropriate option to handle their debts. The trustee explains the way their creditors will be paid and what they will need to do during the bankruptcy process. It’s been a tough time for David and Julie —David has been laid off, credit card payments have slipped and the other bills are also falling behind. Thinking bankruptcy may be an option, he sits down and begins an online search to get information about the topic. He finds the Office of the Superintendent of Bankruptcy Canada, the federal organization that licenses and regulates Licensed Insolvency…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    What is the Cost of a Middle Class Lifestyle in Toronto?

    May 7, 2019
    Submitting a Consumer Proposal to Creditors

    Submitting a consumer proposal to your creditors (Video)

    May 19, 2019
    Case Study: The self-employed tax debtor

    Case Study: The self-employed tax debtor

    August 4, 2013
  • keeping a car when filing bankruptcy in canada
    personal bankruptcy

    Can Creditors Take my Car?

    May 9, 2019 /

    “Can creditors take my car?“ This is a common question and the answer depends on the circumstances… If your car is financed and the lender has registered a lien against it, then you’ll need to continue making your loan payments. Otherwise, the lender will repossess the vehicle. Such a lender is called a “secured” lender in that it has security over your vehicle and has a right to repossess it in the event of non-payment of the loan. Now let’s suppose you own your car outright (i.e., it’s not subject to a loan), but you owe money to “unsecured” creditors like credit card companies, payday loans and the like. If…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    Bankruptcy and personal income tax debt

    June 20, 2010
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    Who is the Best Licensed Insolvency Trustee in Toronto?

    December 10, 2013

    How CRA collects income tax debt

    July 10, 2010
  • replacing a licensed insolvency trustee
    consumer proposal,  personal bankruptcy

    Replacing your Licensed Insolvency Trustee

    March 10, 2018 / No Comments

    So you’ve filed your personal bankruptcy or consumer proposal with a Licensed Insolvency Trustee but for whatever reason, you haven’t been happy with the service you’ve received. Is it possible to replace your Trustee? This will depend on the type of engagement you’re currently undergoing. CONSUMER PROPOSAL Your proposal hasn’t yet been approved If you’ve filed a consumer proposal and it’s been deemed approved by your creditors and the bankruptcy court (i.e., it’s been more than 60 days since the day your proposal was filed and no meeting of creditors has been called), then you’re stuck with your Trustee. However, if your consumer proposal has not yet been deemed approved…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    How To Deal with Credit Card Debt

    May 10, 2019
    i've fallen behind in my consumer proposal payments

    I’m Behind in My Consumer Proposal Payments!

    September 27, 2019
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    Who is the Best Licensed Insolvency Trustee in Toronto?

    December 10, 2013
  • rrsp when filing bankruptcy
    personal bankruptcy

    Keeping RRSPs When Filing Bankruptcy

    December 13, 2010 /

    There are 2 types of RRSPs: (1) RRSPs set up with a life insurance company; and (2) RRSPs set up anywhere else, like with a bank or mutual fund company. An RRSP set up with a life insurance company is also called a segregated fund. This type of RRSP will always have a designated beneficiary if the debtor dies. If the beneficiary of the RRSP is the child, grandchild, parent, grandparent, or spouse of the debtor, then the RRSP is exempt from seizure by a trustee in bankruptcy under the Ontario Insurance Act. Under the Bankruptcy and Insolvency Act, all other RRSPs are exempt from seizure by the trustee. However,…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    Bankruptcy Discharge

    Understanding the bankruptcy discharge (Video)

    May 22, 2019
    keeping a home when filing bankruptcy in canada

    Keeping a Home When Filing Bankruptcy

    December 13, 2010
    bankruptcy and tax debt

    Bankruptcy and personal income tax debt

    June 20, 2010
  • keeping a home when filing bankruptcy in canada
    personal bankruptcy,  real estate

    Keeping a Home When Filing Bankruptcy

    December 13, 2010 /

    One of the questions we’re most often asked is: “can I keep my home if I file for personal bankruptcy?” The answer to this question depends on your situation.There are 2 types of situations: The value of the debtor’s home is less than the mortgage balance; and The value of the home is more than the mortgage balance. Home Value < Mortgage Balance In this case, there is no equity. If there is no equity in the home and the debtor files for bankruptcy, the trustee has no interest in the home. It would be pointless for a trustee to sell the home and not even have enough money to…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    transferring a home before bankruptcy

    Transferring a Home Before Bankruptcy

    September 26, 2019
    What to Expect if You File Bankruptcy

    What to expect if you file for bankruptcy (Video)

    May 20, 2019
    bankruptcy after divorce

    Bankruptcy After Divorce

    September 22, 2006
  • bankruptcy and gambling debt
    personal bankruptcy

    Bankruptcy and Gambling Debt

    June 13, 2010 /

    Gambling has become a major problem in our society. I have come across many individuals who became heavily indebted because of compulsive gambling. Filing for personal bankruptcy is an option that naturally comes to mind if someone finds herself with a lot of gambling debt. However, there are a few things one should be made aware of: Filing personal bankruptcy does NOT automatically get rid of your debts. Filing bankruptcy only protects you from legal proceedings by your creditors (the legal term is “stay of proceedings”). To get rid of your debts, you must obtain your discharge from bankruptcy. For a first time bankrupt, a discharge will generally happen automatically…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    Creditor Proofing Tips for Business Owners

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  • bankruptcy after divorce
    personal bankruptcy,  personal finance,  real estate

    Bankruptcy After Divorce

    September 22, 2006 / No Comments

    Introduction Divorce or marital breakdown is one of the most common causes of financial hardship, which often leads to a spouse filing for bankruptcy. The effect of family support obligations, the division of family assets, and the loss of income can have a devastating effect on both parties going through a separation. As these situations are becoming more common, we thought it would be worthwhile to provide an overview of this topic. This article will be divided into two sections: Matrimonial Property and Family Support Obligations. For ease in reviewing the issues at hand, we shall refer to these two parties as “husband” and “wife” and assume that: they are…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    keeping a car when filing bankruptcy in canada

    Can Creditors Take my Car?

    May 9, 2019
    going back to school with student loans

    Student loans: how are they treated if you go back to school?

    May 17, 2017
    bankruptcy and tax debt

    Bankruptcy and personal income tax debt

    June 20, 2010
  • creditor proofing tips for business owners
    consumer proposal,  personal bankruptcy,  personal finance

    Creditor Proofing Tips for Business Owners

    October 22, 2005 / No Comments

    The failure of a prospective business owner to employ creditor proofing techniques before starting a business is a frequent cause of personal financial difficulties due to the failure of a business and the attendant business-related liabilities personally owed by the company owner. These individuals must often file for personal bankruptcy or make a consumer proposal to their creditors as result of business-related debts. Debtors completing their bankruptcy/ proposal often wish to start up another business sometime in the near future. The expected question then arises: how can they creditor-proof themselves in the event that their new business fails? Here are some ideas: Creditor proofing techniques 1. Consider incorporating the business.…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    Case Study: The self-employed tax debtor

    Case Study: The self-employed tax debtor

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    What is a Division I Proposal?

    September 22, 2007

    My Husband Lied About $350,000 of CRA Debt. What Now?

    September 21, 2019
12

Client Reviews

Fong & Partners Inc. - Consumer Proposal & Licensed Insolvency Trustee
Fong & Partners Inc. - Consumer Proposal & Licensed Insolvency Trustee
5.0
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Mike Ross
Mike Ross
17:38 25 Nov 19
My wife and I are contemplating filing for bankruptcy but wanted to know all of our options so we could make an... informed decision. Victor was very insightful and answered all of our questions. You're in good hands with Victor Fong.read more
shokofeh rezai
shokofeh rezai
18:05 20 Nov 19
If your debts are stressing you out and you need a way out Fong and Partners should be your go to. Victor has been... helpful and patient. He will provide you with the best possible solutions to get out of your debts. Highly recommended.read more
Phillip Tanner
Phillip Tanner
17:36 14 Oct 19
Vic really knows his stuff, he was able to clearly explain what I needed to do and what my options were and how to... navigate all the paths. Gave me a lot of peace of mind.read more
Péter Zoltán
Péter Zoltán
08:11 21 Sep 19
In a desperate time he shows professionalism in explaining everything meticulously and if needed once more and once... more and once more... But what I appreciate even more is that years after the discharge he still helps in case of emergency - i just got a collection note of a discharged item, and he answered my help request within 25 minutes!!! You can trust himread more
Humayun N. Khan
Humayun N. Khan
02:51 20 Sep 19
It is very difficult to discuss financials with somebody, especially when a family is in a troubled time. It is during... these vulnerable times that Victor came forward and offered to help in every way he could. He is a service to the whole community and answers all questions honestly, openly, and gives the right guidance. He gave the pros and cons of our situation, and just speaking with him with his prompt replies made us feel at ease and see light at the end of the tunnel. While we're based in Alberta, and Victor in Toronto, he has full knowledge of laws in all of Canada and provided us a referral to someone that can help and that has worked with him. We firmly believe that Victor is not in this business solely to make money; he gets pleasure out of helping people, guiding people, and solving people's problems. A sincere thank you, Victor!read more
Caitlin O'Leary
Caitlin O'Leary
16:52 16 Sep 19
I couldn't be happier. Victor and his team have been very supportive, helpful and flexible throughout my contract. I... am thrilled to now be debt free!read more
Patrick Dingli
Patrick Dingli
02:18 31 May 19
Victor was a huge help in a time of need. If you’re in need of his services. He won’t let you down.
Heather Whittle
Heather Whittle
14:03 16 May 19
I had the pleasure of working with Victor Fong for a number of years. Extremely professional, non-judgmental and... sympathetic. One of the best in the business! I recommend Victor above all others to help you get a fresh financial start! All the best Victor!read more
Kamila Nachtmann
Kamila Nachtmann
22:25 10 Oct 18
Going through financial troubles and bankruptcy is emotionally draining. Victor and Mary are professional,... understanding and very helpful. They make you feel comfortable. So important to know you are in good hands. Very helpful and responsive, even long after the file is closed. Such a heavy weight lifted to be able to start fresh! I can't thank them enough!!! If you need help , do not look anywhere else.read more
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  • Thank God I’m a Canadian
  • How Did Canadians Become Debt Slaves?
  • Preparing for the Next Recession – A Guide For The Canadian Middle Class
  • How Does a Credit Score in Canada Really Work?
  • Filing bankruptcy with gambling and substance abuse problems

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  • return to main site
  • consumer proposal
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